Key facts
- Animoca Brands has suspended its reverse merger talks with Currenc Group.
- The decision was mutually agreed upon due to market conditions and projected closing timelines.
- Animoca shareholders were set to own 95% of the combined Nasdaq-listed company.
- Animoca Brands was previously listed on the Australian Securities Exchange before its removal in March 2020.
Animoca Brands has suspended its plans to go public through a reverse merger with Currenc Group, a company listed on the Nasdaq. The decision was mutually agreed upon by both parties after reviewing current market conditions and the projected timelines for the deal's completion, Animoca announced Tuesday. Under the original proposal, Currenc would have acquired Animoca, with Animoca shareholders expected to hold 95% of the combined entity that would be listed on the Nasdaq. Animoca stated that discussions may resume if market conditions become more favorable. Yat Siu, executive chairman of Animoca Brands, commented that the company will continue to explore optimal routes to a public listing as it advances the necessary audit processes for compliance with major exchange standards. Animoca Brands, headquartered in Hong Kong, is known for its investments in gaming and its portfolio, which includes The Sandbox, Moca Network, and Open Campus. The company was previously delisted from the Australian Securities Exchange in March 2020.